Gold futures were trading higher in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking positive cues from overseas markets as rising tensions in Ukraine boosted the safe haven demand for the bullion, while hopes rose of a pickup in demand from China, the world’s biggest gold consumer. Ukraine’s President asked security forces to step up an offensive against militants as the weekend’s pact with Russia to ease tensions nearly collapsed. Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,733 per 10 grams, up by 0.47 per cent, after opening at Rs. 28,645, against the previous closing price of Rs 28,599. It touched an intra-day high of Rs 28,750.

Base Metals & Energy

D A I L Y B U Z Z

COPPER

Copper futures were trading flat in the domestic market on Wednesday as investors and speculators stayed cautious over booking fresh positions in the industrial metal as the fourth straight contraction in manufacturing activity in China, the world’s biggest metals consumer, clouded the demand outlook for industrial metals. The HSBC China preliminary manufacturing gauge stood at 48.3 this month, with a reading below 50 signaling contraction. At the MCX, copper futures for April 2014 contract is trading at Rs. 411 per 1 kg, unchanged, after opening at Rs. 410, against the previous closing price of Rs. 411. It touched an intra-day low of Rs. 410

Agro Outlook

D A I L Y B U Z Z

MUSTARD SEED

Mustard seed prices closed higher by 0.66 per cent on Tuesday at the National Commodity & Derivatives Exchange Limited (NCDEX) as a result of the decline in the supply for the commodity in the major markets. At the NCDEX, mustard seed futures for May 2014 contract closed at Rs. 3,510 per quintal, up by 0.66 per cent, after opening at Rs. 3,493 against the previous closing price of Rs. 3,487. It touched the intra-day high of Rs. 3,515. India produces 5.5 million MT to7 million MT annually and about 0.15 million MT is retained for sowing and direct consumption as seed which leaves about 4.8-5.1 million MT for crushing and extracting oil.